In the face of evolving regulation, increasing transactional volumes and new sanctions regimes, our solutions help our clients meet their obligations with increased quality and at reduced cost.
The pressures of financial crime are not new, but they are growing. The current challenge for banks is a combination of ever increasing and evolving regulations and legislation. These create a complex regulatory environment to operate in and comply with. Getting compliance wrong is not an option.
Existing sanctions screening systems often result in the production of large volumes of false positive alerts, often in excess of 95%. Traditional tuning techniques, applied to sanctions screening systems, require constant refresh due the increasing number of payments, customers, and the introduction of new sanctions regimes and frequent changes to existing lists. The limitations of poor systems tuning and regulatory change have resulted in alert spikes and backlogs in many institutions.
Current alert review processes frequently rely on extensive teams of personnel, often spread over disparate geographical locations. Delays in processing transactions, due to human processing times, can impact on customer experience, which is increasingly at the forefront of Financial Institutions strategic agendas.
In the face of increasing and evolving regulation, increasing transactional volumes, and the introduction of new sanctions regimes, KPMG has developed solutions that target both systems optimisation and alert review processes. The goal is an increase in quality of screening systems performance and faster, more accurate and consistent alert review, helping Financial Institutions to meet their sanctions obligations more efficiently.
Sanctions screening testing platform
KPMG’s Sanctions screening testing platform enables clients to test the effectiveness of their customer and/or payments screening systems.
The sanctions screening testing platform provides a robust and auditable way of testing screening system effectiveness and efficiency whilst reducing the potential for human error and cost of systems review.screening testing platform
KPMG Sanctions Alert Classifier
The KPMG Sanctions Alert Classifier automates alert review decision making at the first level of review. It can deliver 99.998% accuracy in alert review decision-making with a variance of 0.001%. Alerts can be decisioned faster, with a consistently higher degree of accuracy at reduced cost.
KPMG has combined expertise in Financial Services, Sanctions and technology with leading data science professionals to create advanced technology solutions for sanctions screening systems. Key benefits include:
For further information, please contact Robert Dean.
© 2020 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.